Kerry Wood signs one-year, $3 million deal to stay with Cubs

Kerry Wood said it took 15 minutes to get a deal done with Cubs President Theo Epstein after more than two months of negotiating and recent reports he was resigned to leaving.

"I thought it was three different teams in about a week," Wood said. "I made it the right one."

Wood, 34, agreed to a one-year, $3 million deal Friday with a $3 million club option in 2013 and no buyout. He said he was waiting for a call to take a physical with another team he declined to reveal, having already agreed to terms.

"I'm not sure if (the Cubs) knew," Wood said of the other deal. "I wasn't relaying what I was doing to anybody, but there were definitely options out there and I was close. ? I wasn't ready to go, but I was to that point where it was definitely a possibility."

In a bit of staged dramatics, Wood was the last player introduced at the opening ceremony of the Cubs Convention, about a half-hour after Epstein told reporters, "If you start making baseball decisions based on PR, you're losing."

But Epstein already knew the deal was done. The Cubs wanted to keep it secret and announce it to the crowd -- the best PR move they could've made.

"There were some scary moments along the way," Epstein said. "But the communications opened up a lot, both ways, toward the end, and that helped get a deal done. It wasn't so much a fundamental change at all."

Wood reportedly was asking for $4 million and dropped his price tag at the last minute.

"Always in terms of negotiating, there's a difference in money," Epstein said, "Sometimes you can learn a lot just by talking and listening to what the other guys say, how they say it, what's really important to them and figuring it out that way."

Epstein blamed himself for the lack of communication. Wood said in September he'd retire if the Cubs didn't want him back, but he began talking with other teams after negotiations dragged on.

"I didn't feel like I wanted to be forced into that," he said. "I still love the game and I still think I have plenty left. People are allowed to change their minds."

Cubs fans seemed glad he did, giving Wood a huge ovation.

"It was great," Epstein said. "You can't doubt the passion of the Cubs fans, man. It was impressive. Coming off three tough years and snow on the ground in the middle of the winter, to have that kind of reception was amazing. A great moment for Woody, and well-deserved."

Wood left for his charity function at the Navy Pier Harry Caray's, where the farewell party turned into a celebration.